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Harvard study looks at nation's rental market, foreclosures

Posted by: VHFA on April 30, 2008 - 9:44am

Harvard University's Joint Center for Housing Studies has just released "America's Rental Housing: The Key to a Balanced National Policy."

"The damage from today's mortgage foreclosure crisis reaches deep into the rental market," the report states. "With affordability already a long-standing problem, the current housing debacle not only adds to the number of households competing for low-cost rentals and threatens current renters with eviction from their homes, but also increases the costs of financing rental housing construction and preservation.

"Moreover, because many high-risk loans now in default are concentrated in low-income and minority communities, the fallout from foreclosures is hitting the same neighborhoods where many of the nation's most economically vulnerable renters live."